v3.26.1
Investments in debt and equity securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in debt and equity securities
Investments in debt and equity securities. As of June 30, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securities held were $21.1 million and $14.8 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:
June 30, 2026December 31, 2025
Amortized
costs
Fair
values
Amortized
costs
Fair
values
(in $ thousands)
Municipal8,912 8,908 12,292 12,274 
Corporate142,084 139,362 144,571 143,621 
Foreign338,647 339,639 347,588 348,084 
U.S. Treasury Bonds64,614 64,032 54,093 54,509 
554,257 551,941 558,544 558,488 

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:
June 30, 2026December 31, 2025
GainsLossesGainsLosses
(in $ thousands)
Municipal4 8 5 23 
Corporate648 3,370 1,646 2,596 
Foreign3,651 2,659 3,645 3,149 
U.S. Treasury Bonds88 670 543 127 
4,391 6,707 5,839 5,895 

Debt securities as of June 30, 2026 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):
Amortized
costs
Fair
values
(in $ thousands)
In one year or less62,667 62,448 
After one year through five years293,993 292,642 
After five years through ten years183,985 184,320 
After ten years13,612 12,531 
554,257 551,941 
Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026, were:
Less than 12 monthsMore than 12 monthsTotal
LossesFair valuesLossesFair valuesLossesFair values
(in $ thousands)
Municipal2 2,736 6 2,093 8 4,829 
Corporate270 34,010 3,100 62,462 3,370 96,472 
Foreign391 53,133 2,268 83,948 2,659 137,081 
U.S. Treasury Bonds536 43,608 134 5,790 670 49,398 
1,199 133,487 5,508 154,293 6,707 287,780 

The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2026 was 212. Of these securities, 85 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at June 30, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025, were:
Less than 12 monthsMore than 12 monthsTotal
LossesFair valuesLossesFair valuesLossesFair values
(in $ thousands)
Municipal4 2,621 19 5,918 23 8,539 
Corporate9 10,284 2,587 71,989 2,596 82,273 
Foreign364 43,539 2,785 119,970 3,149 163,509 
U.S. Treasury Bonds36 8,720 91 6,425 127 15,145 
413 65,164 5,482 204,302 5,895 269,466 
Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2026202520262025
(in $ thousands)
Realized gains323 42 325 598 
Realized losses(21)(1,714)(467)(2,392)
Net unrealized investment gains recognized on equity securities still held
3,124 2,399 6,470 5,574 
3,426 727 6,328 3,780 

Realized losses during the second quarter and first six months of 2025 included a $1.2 million loss related to an acquisition contingent liability adjustment.

Investment gains and losses recognized related to investments in equity securities are as follows:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2026202520262025
(in $ thousands)
Net investment gains recognized on equity securities during the period
3,412 2,399 6,757 5,253 
Less: Net realized gains (losses) on equity securities sold during the period288 — 287 (321)
Net unrealized investment gains recognized on equity securities still held
3,124 2,399 6,470 5,574 

Proceeds from sales of investments in securities are as follows:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2026202520262025
(in $ thousands)
Proceeds from sales of debt securities108 20,967 1,047 33,511 
Proceeds from sales of equity securities973 8 1,040 3,473 
Total proceeds from sales of investments in securities1,081 20,975 2,087 36,984